Category: Helpful Information
A lot of planning goes into traveling abroad, and you're probably counting down the days until you head off to the airport for your trip to another country. While you're going through your checklist of to-dos before your departure date, be sure to take the time to review your finances and put together a plan for any purchases abroad. Here are some tips for traveling overseas!
Notify your financial institution and credit card company
Before you jet set off on your vacation, let your credit union or bank and credit card company (or companies) know of your travel plans. This is so you don't get flagged for unexpected expenses or have your overseas purchases declined. You can let your credit union know in person or over the phone, especially if you'll be using your debit card abroad, or you may be able to do this online through your account.
Research the local exchange rate
In order to get the best exchange rate, you'll need to know what the exchange rate is! It can vary by country and currency, so it's best to brush up on the numbers before you leave. You can find currency converters online and get a rough estimate of the exchange rate. It's good to know how much money you actually have in the country's currency and how much you're spending along your trip
Use local currency whenever possible
Credit cards are accepted in most countries, but you can't always use them everywhere. Using local currency is good for little purchases or your souvenirs, and you usually need local currency to get into smaller attractions. If you're traveling to different countries during your trip, you can budget how much money you'll need for that day with that country's currency. Although some places will take US dollars, it's often cheaper to pay in the local currency.
Premier Source offers a variety of foreign currency that can be purchased before your trip! Stop by a few days before you leave for the airport to order your currency, and we'd love to hear all about your adventures.
Don't use public Wi-Fi for financial transactions
When you're checking your bank balances or making online payments, don't do it using public Internet or Wi-Fi networks. It's always risky to do banking or enter financial sensitive passwords over a public system that can be hacked and expose your information to be compromised.
Spend your leftover currency at the airport
Converting your leftover currency back into US dollars can be costly, and every time you covert you lose a little bit, so you can use up your remaining local currency at the airport before you head back to the US. You can pick up a magazine and snack for the flight or a few miscellaneous items that will remind you of your trip. You can also keep a little bit of the currency as your own souvenir.
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